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> how does refinance work, refinance

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TSPac Lease
post Apr 26 2023, 04:41 PM

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QUOTE(forever1979 @ Apr 25 2023, 09:03 AM)
is refinancing interest higher than the conventional financing ?
a banker told me so..
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Is depend on the bank loan interest rate package. For home loan interest rate will follow the existing rates. For cash out portion for debt conso is higher than home loan.
christ14
post Jun 28 2023, 08:10 PM

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hi TS thanks for the informative thread as this is something not everyone is well versed on

just curious those MRTA MLTA is fixed correct? as in you cant change or amend/reduce how much premium paid per year

if theres no financial problem but still wana get the money worth on the property is it wise to refinance say after a few years or do we need to ask for how much is the market currently to see the bigger picture or is there an XX year where refinancing is more worth
TSPac Lease
post Aug 17 2023, 02:04 PM

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QUOTE(christ14 @ Jun 28 2023, 08:10 PM)
hi TS thanks for the informative thread as this is something not everyone is well versed on

just curious those MRTA MLTA is fixed correct? as in you cant change or amend/reduce how much premium paid per year

if theres no financial problem but still wana get the money worth on the property is it wise to refinance say after a few years or do we need to ask for how much is the market currently to see the bigger picture or is there an XX year where refinancing is more worth
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you are most welcome.
MRTA already is a fixed amount during loan application for loan coverage amount or we call it as face amount. the insurance coverage will be reduce for every years and depend how many years for the loan coverage.

normally client can do refinance and cash out as standby use.

As long as property market value got increasing and there is enough room for cash out and match the client cash out amount then will be good to process.

some property more than 10 years, market value increase like 50% to 100%. some new completed property within 5 years, maybe is drop 10% to 30% also.

hope the info above can help you.
knwong
post Aug 18 2023, 08:46 AM

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Another good use case on refinance is when you want to buy oversea properties. But you can't borrow there OR interest rate there is higher than here...

I know someone who already paid off his current house...but decided to refinance his house to buy a property in Australia
TSPac Lease
post Aug 21 2023, 10:13 AM

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QUOTE(knwong @ Aug 18 2023, 08:46 AM)
Another good use case on refinance is when you want to buy oversea properties. But you can't borrow there OR interest rate there is higher than here...

I know someone who already paid off his current house...but decided to refinance his house to buy a property in Australia
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this loan process is call remortgage. Max margin is 70%.
TSPac Lease
post Jan 4 2024, 10:49 AM

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happy new year 2023A. feel free to ask for refinance matter here and i will advise it accordingly.
Chyan
post Jan 7 2024, 02:52 PM

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QUOTE(Pac Lease @ Jan 4 2024, 10:49 AM)
happy new year 2023A. feel free to ask for refinance matter here and i will advise it accordingly.
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Happy new year.

Thanks for the informative thread Pac. Learnt a lot.

I have a question. In a case of a buy-out from a joint purchase between two people, what is the breakdown of the portion for buy-out? Does it go back all the way to the 1st installment? Initially, everyone contributed 50:50. The other party will pay 100% of the loan but still within lock-in period of 2 years due to SPA being signed just over a year ago. Transaction is purely business. No personal relationship.

Appreciate your feedback on this. Thanks
TSPac Lease
post Jan 10 2024, 10:36 AM

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QUOTE(Chyan @ Jan 7 2024, 02:52 PM)
Happy new year.

Thanks for the informative thread Pac. Learnt a lot.

I have a question. In a case of a buy-out from a joint purchase between two people, what is the breakdown of the portion for buy-out? Does it go back all the way to the 1st installment? Initially, everyone contributed 50:50. The other party will pay 100% of the loan but still within lock-in period of 2 years due to SPA being signed just over a year ago. Transaction is purely business. No personal relationship.

Appreciate your feedback on this. Thanks
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happy new year. in your case, if you don't mind to pay the lock in period penalty charge then you can reapply the loan. Is depend which party want to buy back the another 50%. im not sure the other party will pay 100% by cash or will apply under loan.

lets said the other party want to buy the 50% from you and he wish to get the loan, then he will need to apply refinance loan.
Chyan
post Jan 10 2024, 03:38 PM

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QUOTE(Pac Lease @ Jan 10 2024, 10:36 AM)
happy new year. in your case, if you don't mind to pay the lock in period penalty charge then you can reapply the loan. Is depend which party want to buy back the another 50%. im not sure the other party will pay 100% by cash or will apply under loan.

lets said the other party want to buy the 50% from you and he wish to get the loan, then he will need to apply refinance loan.
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Let say the other party wants to reapply loan instead of cash to buy me out, what will I get back from this transaction?

TSPac Lease
post Jan 11 2024, 10:48 AM

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QUOTE(Chyan @ Jan 10 2024, 03:38 PM)
Let say the other party wants to reapply loan instead of cash to buy me out, what will I get back from this transaction?
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this is the deal between you and the other party. since he buy 50% share from you, meaning you can get 50% money from the price.
alexooi17
post Feb 25 2024, 03:52 PM

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Hi TS, I have question and need opinions from you. I am still a noob on this.

Details.
1) Property valued at RM460k
2) Effective Rate - 4.30%
3) Outstanding loan - 284K
4) Monthly repayment - 1.4K


Question
1) What is the current rate if I were to refinance ?
2) Will I be able to cash out and how much will it be if I can?
3) What will be the repayment amount with the new interest rate for say 30/35 years? OR if I were to keep my monthly repayment at the same price (RM1.4K), how long will the loan tenure be?


Thank you!

TSPac Lease
post Feb 28 2024, 12:11 PM

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QUOTE(alexooi17 @ Feb 25 2024, 03:52 PM)
Hi TS, I have question and need opinions from you. I am still a noob on this.

Details.
1) Property valued at RM460k
2) Effective Rate - 4.30%
3) Outstanding loan - 284K
4) Monthly repayment - 1.4K
Question
1) What is the current rate if I were to refinance ?
2) Will I be able to cash out and how much will it be if I can?
3) What will be the repayment amount with the new interest rate for say 30/35 years? OR if I were to keep my monthly repayment at the same price (RM1.4K), how long will the loan tenure be?
Thank you!
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Hi, current rate is around 4.1%
Cash out will be depends on ur current home market value , margin will be up to 85%,cash out will be . 391k-284=107k

Tenure will be 35 years or age 70 which ever early.
Let's said tenure 35 years , after refin , installment will be around 1275 for loan amount 284k.

alexooi17
post Feb 29 2024, 11:25 AM

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QUOTE(Pac Lease @ Feb 28 2024, 12:11 PM)
Hi, current rate is around 4.1%
Cash out will be depends on ur  current home market value , margin will be up to 85%,cash out will be . 391k-284=107k

Tenure will be 35 years or age 70 which ever early.
Let's said tenure 35 years , after refin , installment will be around 1275 for loan amount 284k.
*
Thanks for the sharing. If this is the case, is there a refinance work that I do not wish to cash out but just to get a better installment/shorter tenure? If yes, how will my payment look like then?
TSPac Lease
post Mar 1 2024, 12:47 PM

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QUOTE(alexooi17 @ Feb 29 2024, 11:25 AM)
Thanks for the sharing. If this is the case, is there a refinance work that I do not wish to cash out but just to get a better installment/shorter tenure? If yes, how will my payment look like then?
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Repayment is around 1275 as per mention previous replies ya.
gempakstarz
post Mar 6 2024, 11:24 PM

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QUOTE(Pac Lease @ Sep 25 2020, 10:26 AM)
Ptptn is no issue for apply refinance provided got letter from ptptn to show u already restructure the loan or fully settle ur loan.

Normally will be take 2 to 3 month to disburse. Depend how fast land office respond.

Is depend which industry u work with. There is certain industry bank do not do the loan even u are employed or self-employed.

Every bank have their own scoring system and bank will not refer scoring fron ctos system.
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Hi may I know, lets say after loan approved for refinance, do I need to go land office to settle or bank will settle it?
TSPac Lease
post Mar 7 2024, 09:46 AM

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QUOTE(gempakstarz @ Mar 6 2024, 11:24 PM)
Hi may I know, lets say after loan approved for refinance, do I need to go land office to settle or bank will settle it?
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hi, bank loan lawyer will do it for you.
gempakstarz
post Mar 7 2024, 11:06 AM

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QUOTE(Pac Lease @ Mar 7 2024, 09:46 AM)
hi, bank loan lawyer will do it for you.
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owh ok thanks for response..may I know why its takes long time at land office?
TSPac Lease
post Mar 7 2024, 11:28 AM

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QUOTE(gempakstarz @ Mar 7 2024, 11:06 AM)
owh ok thanks for response..may I know why its takes long time at land office?
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Well, is depend on the land office process,u may follow up with ur loan lawyer and let them update u the status.
gempakstarz
post Mar 7 2024, 12:09 PM

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QUOTE(Pac Lease @ Mar 7 2024, 11:28 AM)
Well, is depend on the land office process,u may follow up with ur loan lawyer and let them update u the status.
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noted will do that..thank you
TSPac Lease
post Mar 7 2024, 02:40 PM

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QUOTE(gempakstarz @ Mar 7 2024, 12:09 PM)
noted will do that..thank you
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You are most welcome.

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